Read this newspaper article that reports on a presentation made by the Head of the Australian Competition and Consumer Commission - the ACCC - Mr Rod Simshttps://indaily.com.au/news/2019/09/30/infrastructure-monopolies-pushing-up-prices-accc/

(a) Outline and describe the reasons why the Port of Newcastle would be considered a monopoly.Do you think that it fits the criteria of anatural monopoly?

(b) Using the monopoly model, illustrate using diagrams the impact of the price rise in the shipping fees charged by the Port, the profits/losses and the impact that an unregulated monopoly has on the volume of freight that passes through the Port.

c) Do you think that infrastructure like the Port of Newcastle fits the criteria of a natural monopoly?If so, how can it be managed to work in the best interests of society?

Use diagrams wherever possible to illustrate your answers.Use media reports, articles and other evidence to support your arguments.